Last updated on: 8th Mar 2023 06:30 AM
Hisar, “the steel city of India,” is a significant business destination in Haryana. The city is known for its steel factories and other major tourist attractions. Proximity with the national capital Delhi, state capital Chandigarh and neighbouring Rajasthan’s capital, Jaipur, gives Hisar a unique edge for business opportunities. The city is a melting pot of Haryana, Punjab, and Rajasthan cultures.
Gold shops dot the city of Hisar, with Rajguru Market, Bishnoi Mandir Market, Moti Bazar, and Sarafa Bazar areas housing most of these shops. People of Hisar prefer these areas to buy gold ornaments.
Multiple reasons can influence gold rates in Hisar. Festive seasons, equity markets, geopolitical tensions, trade wars, sanctions, etc., can affect gold rates in Hisar. At the domestic level, the Reserve Bank of India (RBI)’s policy changes, the Goods and Service (GST) council’s tax rate hikes, the central government’s hike or relaxation of import duty, Agriculture Infrastructure Development Cess (AIDC) can influence gold prices in Hisar.
The Government of India determines goods and Services Tax (GST) through GST Council. The Ministry of Finance and the RBI play a leading role in determining tax rates on gold. It is one of the leading factors affecting gold prices in Hisar. Let’s look at different taxes and duties imposed on gold by the government.
Gram | Yesterday | Today |
---|---|---|
1 gram | ₹553.90 -1.00 (-0.18%) | ₹553.90 0.00 (0.00%) |
8 grams | ₹4,431.20 -8.00 (-0.18%) | ₹4,431.20 0.00 (0.00%) |
10 grams | ₹5,539.00 -10.00 (-0.18%) | ₹5,539.00 0.00 (0.00%) |
100 grams | ₹55,390.00 -100.00 (-0.18%) | ₹55,390.00 0.00 (0.00%) |
The monetary policy of the Reserve Bank of India (RBI) can pull up or pull down gold prices in Hisar. Apart from monetary policy, repo rate hikes, fixation of the gold bond issue price, gold buying by RBI, government gold reserves, policy changes to control rupee devaluation, etc., can affect the price of gold in Hisar. Recently we have witnessed many moves by RBI to navigate the uncertainty posed by pandemic-related economic distress.
Day | 24K Gold | 22K Gold |
---|---|---|
09 Mar 2023 | ₹5,539.00 0.00 (0.00%) | ₹5,077.60 0.00 (0.00%) |
08 Mar 2023 | ₹5,539.00 -10.00 (-0.18%) | ₹5,077.60 -9.17 (-0.15%) |
07 Mar 2023 | ₹5,549.00 0.00 (0.00%) | ₹5,086.77 0.00 (0.00%) |
06 Mar 2023 | ₹5,549.00 0.00 (0.00%) | ₹5,086.77 0.00 (0.00%) |
05 Mar 2023 | ₹5,549.00 0.00 (0.00%) | ₹5,086.77 0.00 (0.00%) |
04 Mar 2023 | ₹5,549.00 0.00 (0.00%) | ₹5,086.77 0.00 (0.00%) |
03 Mar 2023 | ₹5,549.00 15.00 (0.27%) | ₹5,086.77 13.75 (0.23%) |
02 Mar 2023 | ₹5,534.00 16.00 (0.29%) | ₹5,073.02 14.67 (0.24%) |
01 Mar 2023 | ₹5,518.00 11.00 (0.20%) | ₹5,058.35 10.08 (0.17%) |
28 Feb 2023 | ₹5,507.00 -16.00 (-0.29%) | ₹5,048.27 -14.67 (-0.24%) |
Gold is valuable only when it is pure. There are instances where customers are duped with impure gold. Hence, confirming the purity of gold is crucial.
The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. According to BIS, the following factors are to be kept in mind when buying gold.
Jewellery hallmarked by BIS will have a BIS logo on it. Remember that since BIS is the only authorized laboratory in India for gold certification.
Karat is a scale to gauge gold's purity. While 24 karat gold is the purest, it is too soft for use. Hence, other metals are added and the gold available in the market is often 22 Karat.
The gold you buy should also carry an identification mark by an authorized jeweller. This helps ensure the gold is from a credible source. The mark can also be helpful in the case of disputes.
Hisar is a small city with a traditional outlook for different commodities. Gold has its own charm in Indian society and is a leading indicator of the wealth and prosperity of an individual. People of Hisar buy gold mostly for ornaments and jewellery. Festivals like Diwali, Dhanteras, and Akshay Tritiya usually trigger a gold rush as festive buying is perceived as very auspicious. Besides physical gold, several other modes of buying and investing in gold are available in Hisar. They are slowly becoming more popular in smaller towns in India. Let us have a look at these alternatives to physical gold in Hisar.
Why should I prefer Sovereign Gold Bonds over physical gold?
SGB buying is a better alternative to physical gold as it eliminates storage and safety-related costs and risks. You can be sure of receiving the market value of gold at the time of maturity. You also receive periodical interest.
What are the risks associated with SGBs?
Can you invest in SGBs before attaining the age of 18 years?
Where can I get the application for Sovereign Gold Bonds?
Which is the most important Know Your Customer (KYC) document for SGBs?
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